Jaitley’s announcement might just bring smiles on a lot of gloomy faces across the nation. RBI will assess the market situation first before taking any further step.
The Finance Ministry of India have not come up with any good news for the citizens of this nation ever since Prime Minister Narendra Modi announced a surgical strike on black money and banned ₹ 500 and ₹ 1,000 notes on Novermber 8, 2016. The Reserve Bank of India (RBI) was changing withdrawal guidelines faster than a Formula 1 car changing lanes. But Finance Minister Arun Jaitley has good news for the civilians.
RBI will remove all the withdrawal limits once they assess the market situation of the country. However, RBI had increased the daily limit of cash withdrawal from the ATMs upto ₹ 4,500 from ₹ 2,500 few days ago. An account holder can only withdraw ₹ 24,000 per week. This particular rule has not changed as of yet.
Meanwhile, Jaitley’s announcement might just bring smiles on a lot of gloomy faces across the nation.
But there are a number of people who have not been able to exchange the old currencies. According to PM Modi, people could exchange old notes till March 31, 2017 at RBI branches. Jaitley subtly played it down stating that the Prime Minister had clearly mentioned that RBI will set the rules.
